Defaqto has launched new Auto-Enrolment Star Ratings to help financial advisers and small and medium size enterprises (SMEs) navigate the auto-enrolment wave.
At the same time, Defaqto has enhanced the auto-enrolment research capability within leading adviser research software Engage to help advisers advise in this area.
Defaqto rates schemes from 1 to 5 Stars, based on the quality of the proposition being offered, and only the most comprehensive schemes get a 4 or 5 Star Rating.
Auto-Enrolment Star Ratings provide an at-a-glance view of where a wide range of qualifying schemes sit in the market – Star Ratings cover 40 auto-enrolment qualifying schemes from across 18 providers.
Defaqto Engage offers detailed information on all of the schemes, enabling advisers to conduct a thorough analysis of the options available, including the ability to:
- Select schemes based on the days left before the SME’s staging date – very important for those SMEs that are facing fines
- Exclude solutions that do not meet an SME’s business size and/or contribution requirements
- Compare group personal pensions and stakeholder schemes with a proposed auto-enrolment oneand identify the differences
- Simply compare scheme data at a glance which is something that advisers had been asking Defaqto for
Richard Hulbert, Insight Analyst at Defaqto, says:
“The Pensions Regulator suggests SMEs start to plan for auto-enrolment a year in advance. However, their own figures show many start the process much later. SMEs beginning the process late are limiting the advice they could be receiving on payroll improvements (which could cost them thousands of pounds over time) and the providers willing to accept them. Both factors make it difficult for advisers to help them.
“Our Engage software can enable many of these late starters to be advised. It empowers advisers to undertake research on all known solutions based on the SME’s workforce, needs and available time to staging. The real time saver is that Engage instantly creates a comprehensive and compliant report for the adviser to use. It is worth noting that 13 schemes can process applications within a week, four within 24 hours and three have a guaranteed acceptance policy.
“Defaqto’s Auto-Enrolment Star Ratings give advisers an at-a-glance view of the market and help them segment this growing market.”
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